Subsequent to the Demonetization policy announced by the Hon’ble Prime Minister of India, it had appeared in the media that certain members of the Chartered Accountancy profession were reportedly advising in a manner which is in violation of applicable provisions of Chartered Accountants Act and Rules framed thereunder.

In the wake of such media reports, the Institute of Chartered Accountants of India (ICAI) through its Disciplinary mechanism had immediately initiated suo moto action in the matter. Hearing in 5 cases, where information was available against Chartered Accountants who had been named in the media reports was conducted on fast track mode.

After following due process, the Board of Discipline of ICAI has found 4 Chartered Accountants guilty of misconduct under the provisions of the Chartered Accountants Act. The remaining one case where further information is awaited shall also be concluded shortly.